AUD/USD: Weakness To Aim At The 0.8924 Level And Beyond

AUDUSD: The pair is now seen weakening following its loss of upside momentum at the 0.9035 level and its subsequent declines. This development has left the pair vulnerable to the downside towards the 0.8924 level, its Feb 02'10 high. We may witness a halt in price decline there if seen but if that snaps, further downside pressure should shape up towards the 0.8779 level, its Feb 02'10 low with break of the latter exposing the 0.8733 level, its Dec 24'09 low and then its 2010 low at 0.8576. Beyond there will resume its medium term downtrend towards the 0.8400 level, its psycho level and possibly lower. Alternatively, a return above the 0.9035 level must be established to reverse its current downside weakness. Above there will pave the way for a run at the 0.9092 level, its Jan 25'10 high. We should see a halt in price turning the pair lower on initial test of that level. Its daily RSI has turned lower supporting this view.